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Question

Prepare Balance Sheet of VT Ltd. as at 31st March 2019, from the following information as per Schedule III, Part I of the Companies Act, 2013:
General Reserve 3,000 Fixed Assets: Tangible Assets (Cost) 9,000
8% Debentures 3,000 Other Current Liabilities 2,500
Surplus, i.e., Balance in Statement of Profit and Loss (Credit) 1,200 Share Capital 5,000
Depreciation of Fixed Assets 700 Other Current Assets 6,400

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Solution

Balance Sheet

as at March 31, 2019

Particulars

Note No.

Amount

(₹)

I Equity and Liabilities

1. Shareholders’ Funds

a. Share Capital

1

5,000

b. Reserves and Surplus

2

4,200

2. Non-Current Liabilities

Long-term Borrowings

3

3,000

3. Current Liabilities

Other Current Liabilities

2,500

Total

14,700

II Assets

1. Non-Current Assets

Fixed Assets (Tangible Assets)

4

8,300

2. Current Assets

Other Current Assets

6,400

Total

14,700

NOTES TO ACCOUNTS

Note No.

Particulars

Amount

(₹)

1

Share Capital

Share Capital

5,000

2

Reserves and Surplus

General Reserve

3,000

Balance in Statement of Profit and Loss (Credit)

1,200

4,200

3

Long-term Borrowings

8% Debentures

3,000

4

Fixed Assets

Tangible Assets (Cost)

9,000

Depreciation

(700)

8,300


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